AmBase Reports Results For The Second Quarter And Six Months Ended June 30, 2018

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Aug 13, 2018, 16:35 ET

BOCA RATON, Fla., Aug. 13, 2018 /PRNewswire/ -- AmBase Corporation (OTC: ABCP)("AmBase" or the "Company") announced today net loss of $1,201,000 or $0.03 for the three months June 30, 2018 and net income of $603,000 or $0.01 per share for the six months ended June 30, 2018. The results for the six months ended June 30, 2018, include a gain on sale of real estate owned of $3,278,000 attributable to the sale of the Company's building in Greenwich, CT in January 2018.

For the three months and six months ended June 30, 2017, the Company recorded a net loss of $1,072,000 or $0.03 per share and $2,442,000 or $0.06 per share, respectively.

Statements made in this press release may be forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are inherently subject to risks and uncertainties, many of which cannot be predicted or quantified. Forward-looking statements can be identified by such words as "estimates," "expects," "anticipates," "believes," "plans," "intends" and variations of such words and similar expressions. The Company cautions readers that a variety of factors could cause the Company's actual results to differ materially from the anticipated results or other expectations expressed in the Company's forward-looking statements. These risks and uncertainties, many of which are beyond the Company's control, include, but are not limited to those set forth under the heading "Forward-Looking Statements" and "Risk Factors" in the Company's Annual Reports on Form 10-K, as may be supplemented or amended by the Company's Quarterly Reports on Form 10-Q, which are incorporated herein by reference. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise.

The information in this press release should be read in conjunction with the AmBase Corporation's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2018, filed with the Securities and Exchange Commission. A more complete discussion of the Company's annual results and the Company's affairs is included in AmBase Corporation's Annual Report on 10-K for the annual period December 31, 2017, filed with the Securities and Exchange Commission.

AmBase Corporation
Summary Results
*(in thousands, except per share data)*

	Three Months		Six Months
	2018	2017	2018	2017
Operating expenses	$ 1,202	$ 1,049	$ 2,665	$ 2,393
Operating loss	(1,202)	(1,049)	(2,665)	(2,393)
Interest expense	-	(13)	(10)	(18)
Interest income	3	-	4	-
Gain on sale of real estate owned	-	-	3,278	-
Equity income (loss) - 111 West 57th Partners LLC	-	(7)	-	(25)
Income (loss) before income taxes	(1,199)	(1,069)	607	(2,436)
Income tax expense (benefit)	2	3	4	6
Net income (loss)	(1,201)	(1,072)	603	(2,442)

Net income (loss) per common share - basic	$ (0.03)	$ (0.03)	$ 0.01	$ (0.06)

Weighted average common shares outstanding - basic	40,738	40,738	40,738	40,738